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TORONTO , Aug. 16, 2023 (GLOBE NEWSWIRE) — SHIB and its Shiba Inu Ecosystem, an interconnected family of digital assets and solutions built on the Ethereum blockchain that includes popular global cryptocurrency Shiba Inu, today announced at the Blockchain Futurist Conference/ETH Toronto that it has launched its highly anticipated Ethereum Layer 2 (L2) blockchain Shibarium. Shiba Inu is located at booth #23.
Now that the Shibarium mainnet is live, it will serve as the technical bedrock underpinning the entire Shiba Inu State. Having already resonated with a community of over 21 million user wallets during its beta testnet, the live Shibarium mainnet is now ready to on-board millions more who are interested in shaping a new future that honors the principles of decentralization, interoperability, and user-centric design for both blockchain and technology at large.
“Many in the tech world, inside and outside blockchain, are promising ‘everything apps’ and full user interactivity in the world of ideas, goods, services, and other opportunities,” said Shiba Inu Lead Developer who goes by the pseudonym Shytoshi Kusama. “However, any such promise absolutely must start at a place of both community and decentralization. As part of one of the most popular cryptocurrencies on the planet, Shibarium lives at the intersection of those two principles in a way that eludes most other technologies, even many other blockchains.”
Focusing on facilitating high-speed transactions with minimal gas fees and transforming the user experience in the blockchain space, Shibarium is built on the community-first and environment-friendly consensus mechanism that is Proof of Stake (POS). The Shibarium blockchain is built on a sturdy foundation of both validators and delegators. Validators run nodes, process transactions, and create new blocks, ensuring the seamless operation and overall security of the ecosystem. Delegators, meanwhile, are empowered to support these carefully curated validators by staking support tokens. Both validators and delegators are rewarded for their participation in this ecosystem with a governance token called BONE, which has a total supply of 250,000,000. BONE can also be used within Shiba Inu State governance.
Anyone can build cost-effective protocols on Shibarium, expanding the reach and potential of the ecosystem while enriching the overall user. The Shiba Inu Ecosystem is also prioritizing the integration of Self-Sovereign Identity, or SSI, into all necessary protocols moving forward so that those who interact with the Shiba Inu Ecosystem are empowered to fully control and secure their digital identity without the interference of third parties. SSI enables users’ self custody of verified credentials including physical documents that confirm and secure identity, such as passports and driver’s licenses.
Now that it is live, Shibarium will also be used to support the other parts of the existing Shiba Inu Ecosystem, including the $SHIB and $LEASH tokens, SHIBOSHI NFTs, SHIB The Metaverse, the ShibaSwap DEX, and the Shiba Eternity game alongside the thousands of incoming community projects.
SHIB, a world-leading ecosystem of decentralized finance (DeFi) cryptocurrencies has gained popularity among millions of holders worldwide. It has 3.6 million Twitter followers and is frequently ranked as the second most searched crypto project by Google. Its ecosystem of tokens include $SHIB, $LEASH, and $BONE, plus native SHIBOSHIs NFTs.
SHIB.io utilizes the Shib Ecosystem to power quality technologies including SHIB:The Metaverse and Shibarium, the Layer 2 blockchain, providing a solid foundation, scalability, security, and innovation for a decentralized world.